Vancouver’s economic plan focuses on trade, growth

Brian Morton, Vancouver Sun09.30.2011

The Vancouver Economic Action Strategy: An Economic Development Plan for the City — created by the Vancouver Economic Commission, an agency of the City of Vancouver — provides 160 measures to enhance the local economy through business support programs.

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VANCOUVER - A new economic plan for Vancouver was unveiled Thursday, aimed at creating a climate for growth, supporting new investment and attracting and retaining talent.

The Vancouver Economic Action Strategy: An Economic Development Plan for the City — created by the Vancouver Economic Commission, an agency of the City of Vancouver — provides 160 measures to enhance the local economy through business support programs.

Developing a green economy, including showcasing green technology and green buildings, is an important aspect to the report, which said environmental issues are inseparable from economic issues.

“Green products and services make up one of the fastest growing emerging sectors of the global economy,” the report stated. “Vancouver has significant momentum in this area and is levering this as a strategic advantage to promote economic development objectives that will complement important mature industries.”

Strategies include an expedited review of the city’s regulatory framework on job spaces, taxes and regulatory burden on business; a global communications and events program that markets Vancouver to the world for investment and talent; boosted support for Port Metro Vancouver; a Green Enterprise Zone; helping develop a technology incubation centre; and increased trade with new global markets targeting Asia and South America.

Business Council of B.C. executive vice-president Jock Finlayson said in an interview that the plan “accurately describes what makes up the city’s economy, and the areas they’ve identified for growth and development make sense.”

He said it recognizes that the city has an economy based on a number of industry sectors: the port, manufacturing, tourism, the advanced technology sector, “plus what I would describe as the ‘corporate office economy’ that includes mining, forestry, and related service supplier companies.

“Unlike some other documents produced by the city, the [VEC] plan isn’t wholly preoccupied with the ‘green’ economy. It presents a more balanced and realistic picture of what makes the city’s economy and business community tick.”

Finlayson noted that the report’s goal of doubling the number of green and creative jobs by 2020 is probably achievable, although the city has limited tools to drive economic development, because the other two levels of government control most of the key policy levers that influence job creation and business growth.

He said growth in a regionwide context is necessary because Metro Vancouver is really a single, integrated regional economy, not a plethora of distinct “municipal economies.”

VEC CEO Lee Malleau said city or regional governments are increasingly critical to the economy.

“A big part of the background [in this] is that Vancouver has realized the importance of how city regions compete in the global economy,” she said.

“We have adopted a focused approach that identifies where we think there are gaps to fill, improvements to make in our business climate, and the best ways to support the many organizations that are already doing great work in Vancouver.”

Mayor Gregor Robertson said the plan envisions a high-performing economy that levers the city’s global profile and its momentum as a centre of innovation and entrepreneurship.

“Implementing practical measures, like reducing taxes for small business, streamlining regulation and process, and creating innovative new opportunities will help create the kind of environment we want in our city — one where businesses see the opportunity to invest, where they can draw on local services and skills and they can grow and prosper, to the benefit of the entire city.”

However, NPA council candidate Mike Klassen criticized the report as being politically motivated because it’s coming out during a municipal election campaign.

“Gregor Robertson’s photo was on Page 2 of a 35-page document. It inherently becomes a political document rather than an expression of the will of the city.”

Klassen said the plan, with 160 measures, should be more focused.

He also said that it’s more important to develop a regional plan, as opposed to one that focuses on Vancouver alone.

“There’s talk about lowering taxes, but no suggestion about how they’ll do that. There’s no specific actions on how to get municipal spending under control.”

Klassen also said that there’s no real discussion on how to improve the prospects of the tourism industry.

bmorton@vancouversun.com

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